NEW YORK — A pledge from Saudi Arabia to pump more oil to cover supply shortages, plus new signs that China’s economy is slowing, helped sink oil prices Tuesday.
Oil has risen more than 9 percent this year. The primary reason is a standoff over Iran’s nuclear program that has threatened to disrupt oil supplies from the Middle East.
Benchmark U.S. crude fell $2.48 to $105.61 per barrel in New York, while Brent crude lost $1.59 to $124.12 in London.
The Saudi government said it aims “to provide adequate supplies of petroleum, stabilize oil markets and return oil prices to fair levels for producers, consumers and the oil industry.” Saudi Arabia produces about 10 million barrels a day and says it has the ability to quickly raise that to 12.5 million barrels a day.
The ruler of Kuwait was quoted Tuesday by the state news agency as saying that his country is increasing production. That comment also contributed to the decline in oil prices.
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